Qualifying for a loan is tough. The best rates are available to those with solid credit and a 20 percent down payment.
The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent, pushed down by an aggressive government campaign to reduce borrowing costs. The rate, published by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week.
Rates on five-year, adjustable-rate mortgages averaged 4.19 percent, up from 4.18 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.25 percent from 4.35 percent.
For more information, contact The Andrea Crossman Group